Wayfair (NYSE:W) Stock Price Down 3.6% on Analyst Downgrade

Wayfair Inc. (NYSE:W)’s share price dropped 3.6% on Wednesday after Royal Bank of Canada lowered their price target on the stock from $62.00 to $61.00. Royal Bank of Canada currently has a sector perform rating on the stock. Wayfair traded as low as $55.26 and last traded at $55.68. Approximately 726,497 shares were traded during mid-day trading, a decline of 83% from the average daily volume of 4,217,250 shares. The stock had previously closed at $57.75.

Several other research analysts also recently commented on W. Stifel Nicolaus increased their price objective on shares of Wayfair from $52.00 to $55.00 and gave the company a “hold” rating in a report on Tuesday, January 9th. Morgan Stanley reissued an “overweight” rating and set a $80.00 price objective on shares of Wayfair in a report on Monday, March 25th. Barclays lowered their price target on shares of Wayfair from $85.00 to $60.00 and set an “equal weight” rating for the company in a report on Thursday, January 4th. Needham & Company LLC reaffirmed a “buy” rating and issued a $75.00 price target on shares of Wayfair in a report on Thursday, February 22nd. Finally, Deutsche Bank Aktiengesellschaft increased their price target on shares of Wayfair from $63.00 to $79.00 and gave the company a “buy” rating in a report on Wednesday, April 10th. Ten investment analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $76.21.

Insider Buying and Selling

In related news, CEO Niraj Shah sold 1,700 shares of the business’s stock in a transaction that occurred on Thursday, February 8th. The shares were sold at an average price of $52.02, for a total value of $88,434.00. Following the completion of the transaction, the chief executive officer now owns 267,437 shares of the company’s stock, valued at $13,912,072.74. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In related news, CEO Niraj Shah sold 1,700 shares of the business’s stock in a transaction that occurred on Thursday, February 8th. The shares were sold at an average price of $52.02, for a total value of $88,434.00. Following the completion of the transaction, the chief executive officer now owns 267,437 shares of the company’s stock, valued at $13,912,072.74. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Kate Gulliver sold 3,395 shares of Wayfair stock in a transaction on Thursday, April 4th. The stock was sold at an average price of $65.04, for a total transaction of $220,810.80. Following the completion of the transaction, the chief financial officer now directly owns 82,560 shares in the company, valued at $5,369,702.40. The disclosure for this sale can be found here. Insiders sold 89,808 shares of company stock valued at $5,445,222 over the last 90 days. Corporate insiders own 26.81% of the company’s stock.

Hedge Funds Weigh In On Wayfair

Several institutional investors and hedge funds have recently bought and sold shares of the company. Assenagon Asset Management S.A. purchased a new position in Wayfair in the first quarter worth $10,664,000. Fifth Third Bancorp grew its holdings in Wayfair by 34.4% in the first quarter. Fifth Third Bancorp now owns 6,891 shares of the company’s stock worth $468,000 after purchasing an additional 1,763 shares during the last quarter. Raymond James Financial Services Advisors Inc. grew its holdings in Wayfair by 180.2% in the first quarter. Raymond James Financial Services Advisors Inc. now owns 34,947 shares of the company’s stock worth $2,372,000 after purchasing an additional 22,473 shares during the last quarter. Check Capital Management Inc. CA grew its holdings in Wayfair by 9.7% in the first quarter. Check Capital Management Inc. CA now owns 162,721 shares of the company’s stock worth $11,045,000 after purchasing an additional 14,417 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC grew its holdings in Wayfair by 29.0% in the first quarter. Allspring Global Investments Holdings LLC now owns 514,441 shares of the company’s stock worth $34,920,000 after purchasing an additional 115,646 shares during the last quarter. 89.67% of the stock is owned by hedge funds and other institutional investors.

Wayfair Price Performance

The company’s fifty day simple moving average is $59.59 and its 200-day simple moving average is $55.04. The firm has a market capitalization of $6.13 billion, a PE ratio of -7.81 and a beta of 3.29.

Wayfair (NYSE:W) last announced its quarterly earnings data on Thursday, February 22nd. The company reported ($1.46) earnings per share for the quarter, beating analysts’ consensus estimates of ($1.54) by $0.08. The company had revenue of $3.11 billion for the quarter, compared to analysts’ expectations of $3.10 billion. As a group, equities research analysts anticipate that Wayfair Inc. will post -3.37 earnings per share for the current fiscal year.

Wayfair Company Profile

Wayfair Inc provides e-commerce business in the United States and internationally. The company offers approximately thirty million products for the home sector. It offers online selections of furniture, décor, housewares, and home improvement products through its sites consisting of Wayfair, Joss & Main, AllModern, Birch Lane, Perigold, and Wayfair Professional.